Description: The European Union has introduced the 18th package of sanctions against Russia, aimed at depriving the country from its wartime economy and pressuring it towards peace talks. The package introduced by EU’s Foreign Policy Chief, Kaja Kallas, targeted more ships pertaining to Russia’s shadow fleet and also set a new price cap on Russian oil exports, devaluating Russian oil at $47.60 per barrel and improving the previously set price cap by the G7 which was set at $60.00 per barrel. Kallas stated that up to 105 ships in Russia’s shadow fleet were added to the sanctions list, alongside Chinese banks which have facilitated the transactions for the illegally shipped oil products. The sanctions package was repeatedly blocked by Slovakia’s Prime Minister, Robert Fico, who stated that EU should initially undertake measures to decouple from Russian energy dependence before introducing new sanctions packages. Greece, Malta and Cyprus also expressed concerns over the raised price cap on oil stating it would impact their shipping industries.
Impact: Europe’s 18th package of sanctions arrives at a crucial time, when Russia is facing pressure from the US for its reluctance to engage towards the formulation of a peace framework. The sanctions package coupled with the pledged military support for Ukraine push the proverbial diplomatic ball on Russia’s side of the court as the Kremlin has to decide whether to escalate its attacks or modify its negotiating positions and strategy, going forward. Russia’s public response translated to non – aggressive response to the international pressure as the country, according to Kremlin’s spokesperson, Dmitry Peskov, has adapted towards functioning under sanctions and has devised mechanisms to effectively circumvent the measures. Traction behind the initiative remains flat, as Russia still remains unincentivized to engage in negotiations despite joint pressure from Europe and the US which signals the continuation of the war to an indefinite period of time.